Petroplus forms $2 bln venture to buy U.S. refineries

LONDON (MarketWatch) -- Petroplus Holdings AG
ch:002775224
the largest independent refiner and wholesaler of petroleum products in Europe, said that on March 1, it's going to enter a partnership with the Blackstone Group
BX, -1.21%
and First Reserve, to pursue acquisitions of crude-oil refineries in the United States. Each partner has committed $667 million in equity to this venture. Petroplus said the venture will let it find acquisition opportunities without the need to significantly leverage up the balance sheet or issue equity.

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